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A Writer's Den: Are You a Homeowner? Coping with the Realities of an Unrealistic Housing Market

Monday, August 02, 2010

Are You a Homeowner? Coping with the Realities of an Unrealistic Housing Market


credit: carterdayne © istockphoto.com/carterdayne

Many homeowners are coping with the realities of an unrealistic housing market in the aftermath of the housing crisis. Here is a list of some of those realities:

1. Declining Property Values
Homeowners everywhere are dealing with drastic declines in home values, ranging from as little as a few thousand dollars to hundreds of thousands of dollars. And no one knows exactly when the housing market will stabilize. In fact, the question of when the housing market will stabilize has gone unanswered since the housing market crashed.

2. Unfinished Neighborhoods
Many homeowners living in new subdivisions have been abandoned by their real estate developers and home builders that went belly-up as a result of the declining housing market. Vacant and overgrown lots, with unfulfilled promises of amenities such as clubhouses with state of the art fitness centers, playgrounds and pools to name a few, are still haunting many homeowners.

3. The Cheaper House Next Door
Homeowners living in unfinished subdivisions breathe a sigh of relief when they finally see new homes being constructed on vacant lots in their neighborhoods. However, shortly after breathing a sigh of relief, many of these same homeowners will experience feelings of shock and disbelief. The reality is that after the first house is built, you may notice a sign advertising the homes at $100,000 less than what you paid for your home. Unfortunately, thousands of homeowners are dealing with what I refer to as “the cheaper house next door”. READ FULL ARTICLE: Are You a Homeowner? Coping with the Realities of an Unrealistic Housing Market

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